Last week we gave Chopad Levels of 8026 , Nifty made high of 8043 giving entry to Chopad Follower and achieved all 3 target on downside. Lets analyze how to trade market in coming week.
Nifty Hourly Chart
Nifty hourly chart is in downtrend and till it do not close above 21/34 EMA use rallies to short.
Nifty Supply and Demand
Unable to close above 7663 for 2 days high probablity of nifty hitting 7563/7422.
Nifty Harmonic Analysis
Nifty as per Harmonic Analysis has formed Butterfly pattern if 7563/7550 is held nifty can boucne back to 7900/8000 odd levels.
Nifty Gann Date
Nifty As per time analysis 08 September/10 Sep is Gann Turn date , except a impulsive around this dates. Last week we gave 31 August/04 September Nifty saw a volatile move .
For Nifty traders who follow gap trading there are 15 trade gaps in the range of 7000-9000
7587 is 61.8% retracement /7563 16 May High should be watched in coming week.
Nifty Weekly Chart
It was worst negative week, with the Nifty down by 346 points closing @7995 forming bearish engulfing candlestick pattern , and closing below its 55 WEMA and 20 WEMA and held its trendline support as shown in above chart. We are still in Bullish time cycle from 14 June till mid September, correction in between should be bought into with proper risk management. Entering a new time cycle from 15 Sep and dips coming through should be bought into in scattered manner for investors.
Trading Monthly charts
Monthly chart took support @50% retracement line and showed bounce back.
Nifty PE @21.21 , so at last seeing some correction in valuation
Nifty Weekly Chopad Levels
Nifty Trend Deciding Level:7563
Levels mentioned are Nifty Spot
Let me go by Disclaimer these are my personal views and trade taken on these observation should be traded with strict Sl.Please also read the detailed Disclaimer mentioned in the Right side of Blog.
Want to see post in your Inbox,Register by adding your email id in Post in your Inbox section
Follow on Facebook during Market Hours: https://www.facebook.com/pages/Brameshs-Tech/140117182685863